El Al reports 260% profit boost as competitors depart amid war

Israel’s flagship carrier El Al says its third-quarter profits soared by almost 260 percent, raking in returns thanks to a near-monopoly created by most foreign airlines suspending service to and from Tel Aviv amid the war in Gaza and attacks from Iran and its proxy Hezbollah.

The airline reports earnings of $187 million in the July to September period, up from $52 million over the same period a year earlier, which preceded the outbreak of war prompted by the Hamas terror group’s October 7, 2023, onslaught. Revenue jumped over 43% to $1 billion from $696 million in the corresponding quarter last year. The airline said its planes were 94% full on average, up from 88% last year.

Major foreign airlines have repeatedly halted service to Israel since the outbreak of war in October 2023, ceding the market to El Al, some smaller Israeli carriers and a handful of other airlines, mostly from the Persian Gulf and Eastern Europe. Some major airlines have continued to offer service to and from Israel on a limited basis.

Israel has insisted that its airspace is safe and that it will shutter its skies should the need arise.

El Al’s skyrocketing profits have led some to accuse it of price-gouging and war profiteering, which the carrier denies.